- XRP’s price has dropped 0.43% over the last 24 hours according to CoinMarketCap.
- The latest 24-hour drop has added to the altcoin’s negative weekly price performance.
- Technical indicators suggest that XRP’s price may continue to fall in the next 24-48 hours.
Ripple is a technology that acts as both a cryptocurrency and a digital payment network for financial transactions. It was first released in 2012 and was co-founded by Chris Larsen and Jed McCaleb.
Ripple’s main process is a payment settlement asset exchange and remittance system, similar to the SWIFT system for international money and security transfers, which is used by banks and financial middlemen dealing across currencies.
The token used for the cryptocurrency is premined and utilizes the ticker symbol XRP. Ripple is the name of the company and the network, and XRP is the cryptocurrency token. The purpose of XRP is to serve as an intermediate mechanism of exchange between two currencies or networks – as a sort of temporary settlement layer.
Ripple is still involved in its multi-year-long lawsuit with the Securities and Exchange Commission (SEC).
Recently, however, Ripple’s chief legal officer Stuart Alderoty published a post, in which he dropped a hint that Ripple may move the SEC case to the U.S. Supreme Court should the current judge take the side of the SEC. Alderoty tweeted that the regulator has already lost four of its last five cases in the Supreme Court.
XRP Current Market Standing
XRP (XRP) is ranked as the sixth biggest crypto by market cap, according to CoinMarketCap. It experienced a 0.43% drop in price in the last 24 hours taking its price down to $0.3763 at press time. This also puts its total market cap at approximately $19.172 billion at press time.
The 24-hour drop in XRP’s price has added to its negative weekly performance. As a result, the price of XRP is down 3.61% over the last 7 days at press time.
XRP Technical Overview
4-hour chart for XRP/USDT (Source: TradingView)
The last 4 days have not been kind to the remittance token’s price. Looking at the 4-hour chart, a bearish trend line has formed on XRP’s on the chart after XRP’s price printed lower highs since 20 February.
This negative trend line has forced XRP’s price below the support levels at $0.3873 and $0.3820 on 24 February. During this drop, XRP’s price also dropped below the 9 and 20 Exponential Moving Average (EMA) lines on the 4-hour chart.
At press time, XRP’s price is resting on the support level at around $0.3753. In addition to this, the altcoin’s price is being squeezed by the 9 EMA line on the 4-hour chart and the support level. Should this level fail to offer the necessary support, XRP’s price could drop to the next key support level at $0.3714.
Technical indicators on XRP’s 4-hour chart support a bearish thesis given that the 9 EMA line is positioned below the 20 EMA on XRP’s 4-hour chart. In addition to this, the Relative Strength Index (RSI) line on the 4-hour chart is sloped bearishly toward the oversold territory.
Traders may want to keep an eye on the RSI line, as it is looking to cross below the RSI SMA line. If this cross happens, XRP’s price could look to break below the aforementioned support level at $0.3753.
Daily chart for XRP/USDT (Source: TradingView)
Similar to its 4-hour chart, XRP’s price has also dropped below the 9 and 20 EMA lines on the daily chart as well. This cross below the 2 EMA lines started on 23 February. Since then, XRP’s price has failed to close above the 2 EMA lines again. As a result, the price of XRP is resting on the daily support level at $0.3748.
The altcoin’s price did briefly drop below the support level on 24 February to reach a daily low of $0.3723. Fortunately, bulls were able to recover and boost XRP’s price to close at $0.3783.
Technical indicators on XRP’s chart are also bearish given the 9 EMA line being positioned below the 20 EMA line. In addition to this, the daily RSI line has broken below the daily RSI SMA line and is sloped bearishly towards the oversold territory.
Should this bearish thesis play out, it could see the price of XRP dropping to the next major daily support level at $0.3698.
On the other hand, if XRP’s price is able to close today’s trading session above the previously-mentioned support level at $0.3748, then it will likely make a bullish move toward the 9-day EMA level at approximately $0.3823.
Disclaimer: The views and opinions, as well as all the information shared in this price prediction, are published in good faith. Readers must do their research and due diligence. Any action taken by the reader is strictly at their own risk. Coin Edition and its affiliates will not be held liable for any direct or indirect damage or loss.
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